Amendment to Employment Agreements. The parties agree that upon the effective date of this amendment, the employment agreement will be amended as follows:
Amendment to Employment Agreements. Effective as of the Closing:
Amendment to Employment Agreements. The employment agreements by and between Inland and Xxxx XxxXxxxx and Xxxx Xxxxxxxxxx shall have been amended, substantially in the forms of Exhibit I-1 and Exhibit I-2, respectively, attached hereto.
Amendment to Employment Agreements. AESE, Trisara and Employee agree that the following terms of the Employment Agreement are amended as follows:
a. Trisara is no longer a party to the Employment Agreement. All fees paid under the Employment Agreement are paid to Employee, and not Trisara, and any obligations of Trisara set forth in the Employment Agreement will be satisfied by Employee.
b. No compensation shall be paid for Employee’s service as a director of AESE or its affiliates other than compensation established and approved by the Board of Directors of AESE.
c. Section 3 of the Employment Agreement, providing that Employee is entitled to $315,000 in annual employee compensation (currently 334,326.72) and $85,000 in annual consultancy and board compensation is amended to provide that the $85,00 payment shall be for employment services only and not for any consulting or board services, and such $85,000 payment shall be paid in two equal installments on or about June 30 and December 31 of each calendar year. Effective as of May 1, 2020, Employee’s compensation shall be reduced by 10% for a six-month period.
d. Employee’s bonus eligibility for services in the calendar year 2020 shall be upon those terms and conditions approved by the Board, which shall control over Section 3, bullet 2 of the Employment Agreement.
e. Section 5(d), providing that Trisara’s compensation will increase from $85,000 per year to $150,000 per year for consulting services upon the Termination of Employee or sale of WPT, is deleted.
Amendment to Employment Agreements. The parties agree that each Employment Agreement that each Seller entered with Purchaser pursuant to the Purchase Agreement shall remain in effect. Section 6 of each employment agreement shall be amended as follows:
Amendment to Employment Agreements. Each of Xxxxx Xxxx and Xxx Xxxxxx shall have delivered to Parent the amendments to their existing employment agreements in substantially the form attached hereto as Exhibit G.
Amendment to Employment Agreements. None of the Employment Agreements may be amended, nor shall any charge, modification, consent or discharge be effective except by written instrument executed by the Employee, KW-A and KWS.
Amendment to Employment Agreements. Effective as of the Closing:
(a) The parties hereto acknowledge that the Company and Xxxxxxx Xxxx are parties to an Employment Agreement, dated April 25, 2013, and that the Company and Xxxxxxx XxXxxxxxx are parties to an Employment Agreement dated September 5, 2005. The parties hereto agree that each such Employment Agreement shall be amended to provide that, effective on and subject to the Closing, Section 2(a) thereof shall be deleted (except that the definition of “Restricted Period” shall remain one (1) year for purposes of Section 2(d) thereof).
(b) Xx. Xxxx is a party to a Change in Control and Severance Agreement with the Company dated August 5, 2015. The parties hereto acknowledge that the transactions contemplated in this Agreement are a “Change in Control” under Xx. Xxxx’x Employment Agreement and Change in Control and Severance Agreements. The parties further acknowledge and agree that upon a termination of employment without cause by the Company, Parent, or any of their affiliates, as applicable, or by the executive for “good reason” as defined in such agreement, in each case within twelve (12) months following the Closing, then Xx. Xxxx shall be entitled to be paid severance equal to fifty percent (50)% of the sum of his then annual base salary and target annual bonus, plus continuation of health and welfare benefits for a period of six (6) months if his employment is so terminated. With respect to Xx. XxXxxxxxx, the Company shall obtain his commitment to work as an employee of the Surviving Corporation or Parent for a period up to three (3) months after the Closing (unless the employing entity releases him from employment sooner) and the employing entity shall pay him total gross compensation of $27,500 per month and provide him with group health insurance and similar benefits during such period generally comparable to what he received immediately prior to the Closing. If mutually agreed, Xx. XxXxxxxxx may continue his employment with the employing entity through the balance of the 2016 calendar year. At the time of his separation of service in 2016 (or at the conclusion of 2016 if there has been no separation of service) he will be eligible to receive his performance bonus on a pro rata basis, based on the achievement of performance metrics to be separately agreed to by Xx. XxXxxxxxx and the employing entity. At or immediately subsequent to Closing, Parent or Surviving Corporation will pay Xx. XxXxxxxxx xxxxxxxxx of in a lump sum amount of $...
Amendment to Employment Agreements. The Employment Agreements of each of the Stockholders, forms of which are attached as Annex VIII to the Agreement, are hereby amended as follows:
a. The first sentence of Paragraph 2(a) of Xxxx Xxxxxx'x Employment Agreement is amended by deleting "$125,000" as the base salary and inserting "$13,000" as the base salary.
b. The third sentence of Paragraph 2(a) of each Employment Agreement shall be deleted and replaced with the following in each agreement respectively: In Xxxxx Xxxxxx'x agreement, the third sentence should read: "If Xxxx Xxxxxx shall cease to be employed by the Company, the base salary payable hereunder to Employee shall remain at $125,000 per year." In Xxxx Xxxxxx'x agreement, the third sentence should read: "If Xxxxx Xxxxxx shall cease to be employed by the Company, the base salary payable hereunder to Employee shall be increased to $125,000 per year."
c. The salary changes set forth in (a) and (b) above shall be effective only for the initial three (3) year term (the "Term") set forth in Paragraph 5 of the Employment Agreements. Salaries for any continuation following the initial three (3) year Term shall be negotiated between the parties.
Amendment to Employment Agreements. 21 3.28 Adoption of 1997 Stock Option Plan.........................21 ARTICLE 3A CONDITIONS TO THE RESPECTIVE OBLIGATIONS OF THE PURCHASERS TO PURCHASE THE SECURITIES..............21
